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January 22, 2008

Tax Return Due Dates Extensions

Gentle Readers,

Mark Twain once remarked on New Year’s Day that…..

Yesterday, everybody smoked his last cigar, took his last drink and swore his last oath. Today, we are a pious and exemplary community. Thirty days from now, we shall have cast our reformation to the winds and gone to cutting our ancient shortcomings considerably shorter than ever.

We’re well into the New Year and getting perilously close to that thirty day time limit and yet hope remains that the promise of 2008 will endure.

One thing certain to endure for at least another entire year is the income tax. I’ll go out on a limb here and forecast that the guy who promises to disband the IRS won’t get elected. That said, please note:

Due Date for 2007 Personal Income Tax Returns is April 15, 2008

Extensions

Extensions are valid for a six months. That pushes the extended due date out to Wednesday October 15, 2008

Don’t Get Excited.

As The Man Said: Extensions are not an extension of time to pay your taxes. You must pay the lion’s share of your personal income taxes by April 15, 2008 to avoid additional penalties.

The penalties are quite steep and they ramp up to the max quickly. You could easily be talking about half again as much as you owe. If you don’t have the money but you eventually intend to pay your taxes you should consider borrowing the money to do so. And you dang sure want to file by April 15th because the late filing penalties are huge compared to the late payment penalties. Either way, even the Mob rates may be cheaper than IRS penalties.

Downside: The Mob’s collection process is a little more direct. And a bit harsher.